|Bid||15.25 x 0|
|Ask||15.26 x 0|
|Day's Range||15.22 - 15.31|
|52 Week Range||4.50 - 17.00|
|Beta (3Y Monthly)||1.12|
|PE Ratio (TTM)||N/A|
|Earnings Date||Sep 12, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||15.21|
MONTREAL — Transat AT Inc.'s third-quarter net loss more than doubled from the same time last year as the tour operator worked to complete its takeover by Air Canada.The Montreal-based company lost $11.0 million in the quarter ended July 31 versus its $5.0-million net loss the year prior.The push to close Transat's sale to Air Canada heaped on an extra $14 million in costs in its third quarter, including $6 million in professional fees and $7.7 million in stock-based compensation for executives.Offsetting part of the expense were more travellers opting to book last-minute flights — typically pricier than long-term bookings — in a "surprising" trend that boosted revenue per passenger, chief operating officer Annick Guerard said."I think that was an important difference that we saw, which allowed us, of course, to increase load factors, but as well to increase pricing," Guerard said on a conference call with investors Thursday. "I don't know if it's going to continue like this in Europe for the months to come, but for September this is what we're still seeing."Transatlantic passenger traffic — key in the late-spring and summer months when sun-destination trips drop off — rose more than four per cent year over year last quarter to help boost revenue to $698.9 million, up from $664.6 million a year earlier.Guerard said the ongoing grounding of the Boeing 737 Max, which has forced airlines such as Air Canada and WestJet Airlines Ltd. to fall back on less fuel-efficient planes and spend more on aircraft leases, has not worked to the advantage of Transat, which has no Max jets in its fleet."They have been able to look for alternate solutions to replace that capacity in most of the markets where we compete," Guerard said of rival carriers.The $720-million Air Canada deal, approved last month by 94.7 per cent of Transat shareholders, faces intense scrutiny from regulators eyeing the impact of an acquisition that will see the country's largest carrier control at least 60 per cent of transatlantic air travel from Canada.Transport Canada has said it will conclude its assessment of the transaction by May 2, 2020.Transat, which saw a Quebec court sign off on the agreement in August, expects the $18-per-share purchase to close by the second quarter of the 2020 calendar year if the required regulatory approvals are obtained and conditions are met."We're very satisfied with the strong support received from our shareholders and the final approval of the arrangement plan," chief executive Jean-Marc Eustache said in a statement. Companies in this story: (TSX:TRZ, TSX:AC, TSX:WJA)The Canadian Press
The Corporation took delivery of its first two Airbus A321neoLRs. Arrangement plan with Air Canada to acquire the Corporation approved by 94.7% of the shareholders on August 23 and through the issuance of a final approval order by the Superior Court of Québec on August 28.
MONTREAL , Sept. 5, 2019 /CNW Telbec/ - Transat A.T. Inc. , a leading integrated international tourism company specializing in holiday travel and active in air transportation, accommodation, travel packaging ...
MONTREAL, Aug. 29, 2019 /CNW Telbec/ - Transat A.T. Inc. ("Transat") today announced that the Superior Court of Quebec has issued a final order approving the previously announced plan of arrangement with Air Canada (the "Arrangement"). The Arrangement was also approved by 94.77% of shareholders present in person or by proxy at the special meeting of Transat held on August 23, 2019. The Arrangement is still subject to certain closing conditions, including regulatory approvals described in Transat's management information circular dated July 19, 2019, as well as other customary closing conditions.
Air Canada (TSX:AC)(TSX:AC.B) will become an even bigger player in the industry if its deal to acquire Transat AT Inc. (TSX:TRZ) is approved, and that could have a significant impact on competition.
(Bloomberg) -- After battling a rival bid, Transat A.T. and Air Canada now have one more thing to worry about. The gap between Transat’s share price and Air Canada’s takeover bid is sitting at the widest ever -- indicating investors aren’t confident the deal will get done.Transat’s stock fell as much as 5.9% Tuesday to C$15.03 ($11.33), the biggest drop since early July. That’s nearly C$3 below Air Canada’s offer of C$18 a share or C$720 million, which was raised earlier this month in an attempt to fend off an unsolicited bid from Quebec real-estate developer Group Mach Inc.The tour operator’s shareholders voted 95% in favor of the Air Canada bid last Friday. It’s now subject to other closing conditions, including approval under the Canadian Competition Act, the Canada Transportation Act and European Council regulations.Canada’s transport minister Marc Garneau said Monday that officials need until May to review the proposed acquisition in order to ascertain whether the deal is in the best interest of the public.The competition review is anticipated “to be the most strenuous given the overlap of the companies in Montreal and Quebec markets,” AltaCorp Capital analyst Chris Murray said in a recent note. “The upcoming federal election could also expose the transaction to heightened levels of political discourse, which could make regulators reticent to approve relevant reviews.”However, Murray said he believes the deal will ultimately get the required approvals and will close by 2020.Scotiabank analyst Konark Gupta agreed that the deal will eventually get done but added that the “Competition Act approval could be relatively more tedious compared to other regulatory and government approvals” due to substantial overlap between the two companies in sun destinations and transatlantic markets.(Updates with Tuesday’s share move in second paragraph.)\--With assistance from Divya Balji.To contact the reporter on this story: Kristine Owram in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Air Canada’s (AC) proposed takeover of Transat A.T. Inc. (TRZ.TO) raises issues issues related to public interest and requires additional time to conduct a thorough analysis, says Canada’s Transport Minister.
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,037.58, down 215.88 points).Encana Corp. (TSX:ECA). Energy. Down 17 cents, or three per cent, to $5.50 on 13.4 million shares.Bombardier Inc. (TSX:BBD.B). Industrials. Down 14 cent, or 8.14 per cent, to $1.58 on 12.9 million shares.Belo Sun Mining Corp. (TSX:BSX). Materials. Down five cents, or 11.49 per cent, to 38.5 cents on 11.3 million shares.New Gold Inc. (TSX:NGD). Materials. Up four cents, or 2.56 per cent, to $1.60 on 8.4 million shares.B2Gold Corp. (TSX:BTO). Materials. Up 13 cents, or 2.87 per cent, to $4.66 on 7.7 million shares.OceanaGold Corp. (TSX:OGC). Materials. Up 17 cents, or 5.74 per cent, to $3.13 on 7.7 million shares. Companies in the news:Transat A.T. (TSX:TRZ). Down 42 cents or 2.5 per cent to $16.19. The fate of Air Canada's $720-million takeover bid for Transat A.T. Inc. rests with regulators after shareholders overwhelmingly approved the acquisition offer Friday. In a special meeting, shareholders of the Quebec-based tour operator voted 94.77 per cent in favour of accepting the $18-per-share transaction from the country's largest airline. The deal will narrow the field of airline competition, securing for Air Canada about 60 per cent of the Canadian transatlantic market and helping the company maintain a firm hold on Montreal air travel.TC Energy Corp. (TSX:TRP). Down 42 cents to $64.37. One of the last major hurdles for the Keystone XL crude oil pipeline was removed on Friday by the Nebraska Supreme Court which rejected an attempt to force the developer to reapply for state approval. The court upheld the decision of regulators who voted in November 2017 to greenlight a route through the state. The court's decision was a victory for the US$8-billion project, which has been mired in lawsuits and regulatory hearings since it was proposed in 2008. The Nebraska Public Service Commission voted 3-2 in favour of an "alternative route" for Keystone XL instead of TC Energy's preferred pathway for the pipeline.Cargojet Inc. (TSX:CJT). Up $11.66 or 12.86 per cent to $102.33. Shares in Cargojet Inc. shot to a record high Friday after the company announced a new deal with Amazon.com that could see the online retailer acquire a stake in the company that provides overnight air cargo services. Amazon already uses Cargojet's charter aircraft services to move packages from Amazon warehouses to distribution centres for final delivery, but the deal announced Friday is designed to encourage it to use the network even more. Under the agreement, Mississauga, Ont.-based Cargojet will issue warrants to Amazon for variable voting shares that will vest based on milestones of business that Amazon gives Cargojet. The Canadian Press
MONTREAL, Aug. 23, 2019 /CNW Telbec/ - Transat A.T. Inc. ("Transat") is pleased to announce that, at the special meeting of its shareholders (the "Shareholders") held today (the "Meeting"), a significant majority of Shareholders voted in favour of the special resolution (the "Arrangement Resolution") approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act pursuant to which Air Canada will acquire all of the issued and outstanding Class A variable voting shares and Class B voting shares of Transat (together, the "Shares") for $18.00 per Share in cash (the "Arrangement"). Shareholders carrying an aggregate of 26,530,771 votes, representing approximately 70.28% of votes entitled to be cast at the Meeting, were represented in person or by proxy at the Meeting.
MONTRÉAL, Aug. 23, 2019 /CNW Telbec/ - During the special meeting of shareholders of Transat A.T. ("Transat") (TSX:TRZ.TO - News) on August 23, 2019, the Fonds de solidarité FTQ (the "Fonds") voted in favour of the plan of arrangement announced on June 27, 2019 and amended on August 11, 2019. A partner of Transat since 1990, the Fonds has always supported the company in its growth. Through thick and thin, Fonds shareholders' savings supported Transat, particularly in the months following 9/11 and during the 2008-2009 financial crisis.
Three months after the offer was first announced, Transat A.T. Inc. (TRZ) shareholders will decide whether to approve Air Canada’s (AC) proposed acquisition of the company on Friday.
MONTREAL, Aug. 20, 2019 /CNW Telbec/ - Transat A.T. Inc. ("Transat" or the "Corporation"), today confirms that it has taken note of Pierre Karl Péladeau's press release dated August 19, 2019 regarding his recommendation to shareholders with respect to the arrangement with Air Canada (the "Arrangement"). Transat notes that pursuant to this press release, no offer to acquire Transat has been made by Mr. Péladeau or any of his business associates. The arrangement with Air Canada is the result of a rigorous and diligent process by Transat's board of directors (the "Board") supported by financial and legal advisors over a period of more than 6 months.
MONTREAL, Aug. 15, 2019 /CNW Telbec/ - Transat A.T. Inc. ("Transat" or the "Corporation") is pleased to announce that Glass, Lewis & Co., LLC ("Glass Lewis") has recommended that Transat shareholders vote FOR the plan of arrangement (the "Arrangement") between Transat and Air Canada. Glass Lewis is a leading independent third-party proxy advisory firm which, among other services, provides proxy voting recommendations to pension funds, investment managers, mutual funds and other institutional shareholders.